What does CPF mean in FUNDS
Community Preservation Fund (CPF) is a special fund established by Massachusetts state law in 2000. It enables cities and towns to generate revenue for the preservation of open space, historic resources, and community housing.
CPF meaning in Funds in Business
CPF mostly used in an acronym Funds in Category Business that means Community Preservation Fund
Shorthand: CPF,
Full Form: Community Preservation Fund
For more information of "Community Preservation Fund", see the section below.
How CPF Works
CPF is funded through a 1% property tax surcharge. Property owners can choose to exempt their property from the surcharge, but only if they do so before the town or city votes to adopt the CPF.
Once a town or city adopts the CPF, the revenue is deposited into a dedicated fund. The fund can only be used for the following purposes:
- Acquisition and protection of open space: This includes land for parks, forests, and other natural areas.
- Preservation of historic resources: This includes buildings, structures, and sites that are historically significant.
- Creation and preservation of affordable housing: This includes housing for low-income families, seniors, and people with disabilities.
Benefits of CPF
CPF has many benefits for communities, including:
- Protects open space and natural resources: CPF helps to ensure that future generations will have access to open space for recreation, relaxation, and environmental protection.
- Preserves historic resources: CPF helps to protect buildings and sites that are important to the history and culture of a community.
- Creates and preserves affordable housing: CPF helps to make housing more affordable for people of all incomes.
- Enhances community character: CPF helps to preserve the unique character of a community by protecting its open space, historic resources, and affordable housing.
Conclusion
CPF is a valuable tool that can help communities to preserve their open space, historic resources, and affordable housing. It is a long-term investment in the future of a community.
Essential Questions and Answers on Community Preservation Fund in "BUSINESS»FUNDS"
What is the Community Preservation Fund (CPF)?
The CPF is a dedicated fund used to preserve open space, create affordable housing, and preserve historic properties in Massachusetts communities. It is funded by a 1-3% surcharge on property taxes.
How can my community create a CPF?
To create a CPF, a community must hold a referendum and secure a majority vote in favor of the surcharge. The ballot vote must take place in an election year.
What are the eligible uses for CPF funds?
CPF funds can be used for:
- Acquiring and preserving open space
- Creating affordable housing
- Preserving historic properties
- Providing grants to non-profit organizations for preservation projects
How are CPF funds allocated?
CPF funds are allocated based on a formula that considers population, land area, and historic resources. Communities can also apply for competitive grants.
What are the benefits of having a CPF?
Benefits of having a CPF include:
- Preserving open space and natural resources
- Increasing the supply of affordable housing
- Protecting and enhancing historic character
- Promoting tourism and economic development
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